Here’s How You Can Boost Your Credit Score Quickly

Before we talk about how to boost your credit score quickly, let’s understand what a credit score is.

A credit score is a three-digit number that signifies your creditworthiness. Your credit score determines how reliable you are for loans and credit cards. It also plays a critical role in determining your loan terms.

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Not sure whether to apply for a personal loan or a credit card? This blog can help.

Low credit score? Here is how you can boost your credit score quickly?

Creating a good credit history is pretty straightforward. It’s, however, important to have a credit score insight and you ought to continuously keep a tab on its progress.

Discipline and sincerity go a long way when it comes to maintaining good financial health. Let’s check out five tried and tested habits that can help you maintain a good credit history and boost your credit score quickly:

1. Make regular and timely repayments as scheduled

The first aspect you should take care of is your financial responsibilities. Maintain a regular repayment schedule. Mark your calendar with the due dates and keep a tab on it. This provides the borrower a transparent number to be put aside monthly for his or her credit card dues and loan EMIs. Individuals often find themselves struggling by the end of the month due to budgeting. Once the money is kept aside basis the priorities, you’ll be comfortable for the remainder of the month.

2. Run regular checks on your credit utilization

One should, as much as possible, avoid showing a credit hungry behavior by keeping the prior check on your credit utilization ratio. This ratio isn’t only for your credit card, but your overall credit limit which incorporates your loans and credit card limits together. The perfect credit utilization ratio is 30%. That suggests, if you have got a credit limit of INR 1 lakh, then utilizing up to INR 30,000 won’t depict you as a credit hungry borrower.

A regular behavior of high credit utilization may suggest that you have a credit hungry behavior and it will adversely affect your credit score. In case you notice a drop in your score due to this reason, you should approach your card issuer. Request them to extend your credit limit or get another Credit card. So make sure you keep a track of your expenses. A second card will increase your credit limit and fix your credit rating.

3. Double-check loan deeds and lease before signing

People often sign deeds and documents as co-applicant or a guarantor for somebody to assist them to achieve their goals. It’s important to know that their activity on those co-signed documents can affect their credit health as well. The documents signed are usually for relations or partners and friends where trust lays the inspiration for your decision. It is always a good idea to enquire the borrower’s credit history before signing any such deed. Even if the score is good, confirm that they are making timely repayments for or her loan EMIs and Credit card dues.

Read More: What are Credit Cards? Role of Credit Cards in One’s Life.

4. Make inquiries for credit wisely

Every time you inquire about a loan or credit card from your banks, they check your credit score to gauge how well you have handled your credit so far. This activity is taken into account as a serious inquiry that, when overused, has an impact on your credit score.

Alternatively, one can visit financial marketplaces (online or offline) to match different sorts of loan schemes available for you. You can choose the foremost suitable one for you and one can improve your credit score overnight.

5. Keep a regular tab on your credit score

Credit reports are as vulnerable to identity thefts and frauds as anything else. A credit report can contain a history of all of your credit accounts, right from your loans to credit cards. It includes everything from your settled and closed accounts.

One should check their credit report and score with the bureaus to make sure that all the information is reported aptly by lenders and depicted correctly on the credit report. Any dispute should be raised with the credit bureaus or respective lenders for correction.

Once you build your score, you want to take measures to take care of it as well. You can boost your credit score quickly with Keeto.

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